Shares of Universal Display Corporation (OLED) plummeted 5.25% in after-hours trading on October 30, 2024, following the company's mixed third-quarter financial results and lowered full-year revenue guidance.
While OLED reported better-than-expected earnings of $1.40 per share for the quarter, beating analyst estimates of $1.20, its revenue of $161.6 million fell short of the consensus forecast of $165.1 million. The revenue miss overshadowed the company's 29.63% year-over-year increase in earnings per share.
More concerning for investors was OLED's revised 2024 revenue guidance range of $625 million to $645 million, down from its previous projections. The company cited recent updates to customer order expectations for the fourth quarter as the reason for the lowered outlook.
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